Caborn urges motor sports to seize F1 opportunity

Thursday, 11 November 2004 12:00 AM

The survival of the British Grand Prix at Silverstone represents a major incentive for the British motor sports industry to secure its international reputation, Sports Minister Richard Caborn this morning claimed.

Earlier this week, Formula One chief Bernie Ecclestone and nine of the competing teams agreed to take losses in order to allow an expanded season to go ahead in 2005, giving a new lease of life to the threatened British Grand Prix and the French Grand Prix.

"This has undoubtedly been a tough few months for everyone involved in negotiations. But I hope this announcement presents a new chance for us all to work together to achieve what are our common goals - to see Formula One continue at Silverstone and the British motor sport industry to prosper in the world wide business market", Mr Caborn stated.

"We are now determined through the partnership of the British Racing Drivers Club, local authorities and the Development Agencies to not just make the necessary circuit improvements but build the world's best high performance motor sport industry cluster too.

"With F1's many British based teams now remaining on these shores, we will have the continued supply of 40,000 jobs as well."

The agreement, under which Mr Ecclestone's FOM organisation will cover the costs incurred by the BRDC, comes after a month of intense negotiations.

At the beginning of October, Mr Ecclestone was adamant that a British Grand Prix would not take place at Silverstone in 2005, after the BRDC failed to submit a bid before the deadline of September 30.

However, the deal reached on Tuesday this week if for one-year only.

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